Foschini Group, which has already snapped up Whistles, Phase Eight and Damsel in a Dress, confirmed that it had struck a deal for Hobbs despite downbeat noises about the health of the high street.

Ben Barnett, chief executive of TFG, parent group of Foschini, said that he continued to see "opportunities for organic growth, both in the UK and internationally, despite the well-publicised challenges in the UK market".

The Duchess of Cambridge wearing a Hobbs coat

Private equity owner 3i, which bought Hobbs for £111m in 2004, hired advisers at Rothschild at the start of the year to explore an £80m...